About 57 percent of small business owners experienced revenue growth, while roughly 43 percent added employees to their payrolls in 2018, according to the Small Business Credit Survey (SBCS), a survey produced by the Federal Reserve Bank of New York.
The survey found that both of these metrics increased over 2017 levels. In 2019, a majority of firms expect revenue growth, but only 38 percent anticipate adding payroll.
The study also found that credit demand held steady in 2018, with 43 percent of firms seeking external funds for their businesses. Roughly 32 percent turned to online lenders in 2018, up from 24 percent in 2017. Additionally, the survey revealed finds that 48 percent of small business owners indicated their funding needs are satisfied, while 23 percent have shortfalls, and another 29 percent may have unmet funding needs.
Further, 73 percent reported their input costs had increased in the prior 12 months. More than half of these firms raised the prices they charge. Firms that raised their prices were twice as likely to see profitability growth as firms that did not.
The Small Business Credit Survey (SBCS) asks small business owners to detail their current business climate, financial needs, and recent credit experiences. The survey – conducted in the second half of 2018 – yielded 6,614 responses from small employer firms with 1–499 full- or part-time employees in the 50 states and the District of Columbia.
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